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Explain why technological progress and economic development are closely linked


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Technological progress and economic development are closely linked because access to new technologies enables economic organizations to increase their productivity and efficiency, reduce input costs, and create competitive advantages. In addition, technological progress leads to the development of new products and the variety of goods available in the marketplace, which in turn stimulates economic development. Furthermore, technological advances, such as automation and computerization, create new economic opportunities, increase productivity, and create employment. Thus, there is a close and reciprocal relationship between technological progress and economic development.